Well This Brings It All Together... Moody's: Gulf Oil Spill Could Have Long-Term Negative Credit...

[WillyT]

So... during the POSSIBLE recovery from a near GLOBAL DEPRESSION, caused in significant part by CORRUPT rating agencies like Moody's, we have an off-shore "accident" that looks to become a criminal matter because of the actions of other CORRUPT businesses operating in the middle of the Gulf of Mexico, and now...

:wtf:

Moody's: Gulf Oil spill could have long-term negative credit effect on Gulf Coast communities
By The Times-Picayune
May 19, 2010, 11:42AM

<snip>

Moody's Investors Service on Wednesday warned that while the massive Gulf of Mexico oil spill might spur short-term spending, it could ultimately have negative credit effects for some Gulf Coast communities.

"Any rating or outlook changes would follow careful assessment of the spill's impact on taxable property valuation, property tax levies, revenue performance, state aid, and timely debt service repayment," said Moody's Vice President-Senior Credit Officer Edith Behr, author of the report.

"For now, the infusion of near-term spending is expected to bolster the economy."

Moody's said the initial economic impact will likely be manageable in Louisiana, Mississippi, Alabama, "especially due to the short-term economic boom related to clean-up efforts already under way.''

The report noted that BP has pledged to pay the cleanup costs and damage claims, and the federal government has committed significant resources.

"But,'' Behr said, "this will likely give way over the longer term to deteriorating revenue for coastal communities. These cities, towns, school districts and counties will likely experience a decline in property tax values, which will necessitate a reduction in services or an increase in other revenue to maintain current rating levels."

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More: http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/05/moodys_oil_spill_could_have_lo.html

I don't know where to start... I think I'll just throw up first!!!

:puke: